An empirical analysis of factors affecting the intention of using digital wallets in Vietnam

Abstract

This study investigates factors affecting consumers’ behavioral intention of using digital wallets in Vietnam. The research model consists of five independent variables, namely performance expectancy, effort expectancy, social influence, facilitating conditions, and perceived risks. The sample size of this study is 280. This study confirms that performance expectancy, effort expectancy, social influence, and facilitating conditions positively influence the behavioral intention of using digital wallets. Importantly, performance expectancy and effort expectancy are the most significant determinants of behavioral intention. Perceived risks are found to negatively affect the behavioral intention of using digital wallets. These findings indicate that service providers ought to focus on enhancing digital wallets’ user-friendliness, features, and functions to improve financial transactions via digital wallets. The security system of digital wallets also needs improving to reduce risks, thereby encouraging Vietnamese consumers to utilize the service.